Militia Long/Short Equity ETF (ORR)

Militia Long/Short Equity ETF (ORR) is an actively managed exchange-traded fund that follows a long/short equity strategy. Rather than simply holding a basket of stocks, the fund buys shares of companies the manager expects to outperform and takes short positions in companies it expects to underperform.

Combining long and short positions lets the fund pursue returns from security selection while varying its net exposure to the overall stock market. Depending on market conditions and the manager's views, the portfolio can range from substantially net long to more market-neutral. Short exposure may be achieved through direct short sales or derivatives.

The fund is sponsored by Militia, an investment firm that brings a hedge-fund-style equity approach to the ETF format, offering daily liquidity and transparency through a U.S.-listed fund.